Where a law lists specific classes of persons or things and then refers to them in general, the general statements only apply to the same kind of persons or things specifically listed. Example: if a law refers to automobiles, trucks, tractors, motorcycles and other motor-powered vehicles, “vehicles” would not include airplanes, since the list was of land-based transportation.
To steal from one person is theft. To steal from many is taxation.
All,After a heavy-duty 7th issue loaded with Budget related news, we thought we will have little to share this fortnight. But surprisingly, the Government machinery is not one to stand still and watch things go by (at least in some areas !). They have issued notifications / clarifications / policy intents etc. on various matters and we have faithfully included most of them that seemed relevant. Some useful articles of topical interest that appeared in the print media as well as contributed by our in-house legal team are also featured in this issue. Hope you find them insightful.Do give us a feedback.
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RBI to amend rules to control NBFCs turning LLPs
The Reserve Bank of India (RBI) plans to amend its rules to pre-empt non banking finance companies (NBFCs) from misusing the liberal rules governing limited liability partnership (LLP) firms.
Government for 100% FDI in defence
The Central Government is considering a proposal to allow upto 100% Foreign Direct Investment (FDI) in defence manufacturing sector. At present FDI in this sector is permitted upto 26% with FIPB approval.
Regulatory panel plans key change to definition of
A key change to the definition of ‘Vanishing Company’ is on cards by the Regulatory Co-ordination Committee of the Government. As per the proposed rule, if any directors (executive or non executive) are traced at a later date, the company will not be considered as Vanishing Company.
Acceptance of Foreign Currency notes for the purpose of fulfillment of export obligation (EO) by Service Providers under EPCG Scheme
RBI in its guidelines has given general permission to foreign consumers to remit foreign currency over the counter of the service provider who has rendered services to foreign customers. Such service provider would be entitled to count such payments towards export obligation of EPCG and also for SFIS scheme.
Verification and monitoring of export obligation under duty exemption / reward schemes
Customs Authorities put in place a mechanism to randomly verify and monitor the export obligation under the various duty scrips issued by DGFT under the Foreign Trade Policy (FTP) such as EPCG / Advance Authorisation / DFIA etc.
Customs Duty Template
Template for assessable value and duty calculation w.e.f. 27.02.2010 as proposed in the Union Budget 2010-2011 has been created to help easy calculation of customs duty.
Electronic filing and payment of Central Excise and Service Tax returns
Assessees who have paid Central and Service Tax of Rs.10 Lakhs or more (including payment by utilization of CENVAT credit) in the previous financial year (PFY) shall mandatorily file electronically their returns and payments to the department which would come into effect from 1st April, 2010.
Govt reworks property registration rules
The government is planning to replace the century-old Indian Stamp Act, 1899 with a simpler law that recognises electronic stamping and online payment of stamp duties.
Winding up of a Limited Liability Partnership (LLP)
The procedure for winding up of Limited Liability Partnership (LLP) was notified by the Ministry of Corporate Affairs (MCA) on 06/01/2010 which is in consonance with the winding up of Companies under the Companies Act, 1956. Ms. Divya Paras, Advocate explains the various modes of winding up of LLPs.
Rules governing issue of Employment Visa (E-Visa) to foreign nationals visiting India for execution of a project/contract
To overcome the unemployment problem in India, the Ministry of Labour and Employment has revised its guidelines by restricting issue of Employment Visa (E-Visa) to foreign nationals visiting India for execution of a Project or Contract. Ms. Divya Paras, Advocate updates on this issue relating to employment Visa to foreign nationals.
Note: The contents
of this News Letter are only a summary and has not dealt with
any issue in detail. Any action taken or proposed to be taken
must be in consultation with professionals and not merely based
on the articles / news updates. Lex Valorem disclaims all
liability on action taken without professional advice